January 21, 2016 – AC Lordi, a provider of accounting and risk management consulting and executive search, has split-off of its recruiting practice into a new stand-alone company, Xplora Search Group. AC Lordi Search leaders Jeff Olshin and Kevin Vesci will take the management reins as co-owners of Xplora, exchanging their interests in AC Lordi for 100 percent ownership of the new firm. Sara Babitt will be an investor and manage Xplora’s Philadelphia office.
The move creates efficiencies and growth opportunities for both companies. According to the founders, Xplora will no longer be constrained by operating restrictions imposed by the consulting practice, and will be free to broaden its scope to encompass staffing as well as further expand its information technology search services. For AC Lordi, the transaction eliminates reputational risk to the consulting practice and allows the firm to focus exclusively on its core areas of expertise.
“AC Lordi expanded into the search business in 2003 to complement our consulting services, but the significant growth we’ve experienced on both sides has made it clear that under certain circumstances our interests differ,” said AC Lordi CEO and managing principal Frank Lordi. “AC Lordi Search becoming Xplora is a win-win for our companies, our employees and our clients.”
“We are excited to unlock the full potential of our search business and grow in an unrestricted manner,” said Mr. Olshin. “AC Lordi helped us build a solid foundation as one of Greater Philadelphia’s leading executive search firms, and now as Xplora we can expand our footprint and service offerings.”
The transaction will not have a material impact on employees of either organization. All current AC Lordi Search employees will be retained by Xplora, and the companies will maintain their current locations.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media